The world's largest distributor, Irvine, Calif.-based Ingram Micro, will be acquired by Chinese conglomerate Tianjin Tianhai and fold the company into its logistics affiliate HNA Group of Hainan, China.

The deal will provide the distributor with a broader geographic reach and more capital for mergers and acquisitions.

Ingram Micro will retain its name, brand, headquarters and management team following the merger, with the exception of company president Paul Read, who stepped down. HNA Group does not plan to close any Ingram Micro offices, facilities or warehouses, and very few, if any, layoffs are expected as part of the transaction.